Querry please reply fast

A/c entries 442 views 1 replies
(1)If a project is closed in India and the vendor from Singapore sends an invoice in SGD addressed to the office in India as the customer,
 
a. Which book will you pass the entry?
 
b. Do you have to ask the vendor to amend the invoice?
 
c. What is the double entry?
 
(2) ​A project closed in Hong Kong was worked on by 2 vendors, 1 from Singapore and 1 from India; If the vendors are requesting SGD 20 and INR 500 respectively,
a. ​Let’s say that the invoice was paid in Singapore and India bank account in behalf of the Hong Kong AP, please provide the journal entries/double entries for the 2 invoices, from the funds from other offices, to application of payment
 
b. From situation a, will the balance sheet be affected? If yes, please explain why in 2 brief sentences.
Replies (1)

1) You have to book in India. Convert SGD and pass the entry

Expense Dr

To Name of the party Cr

2) Pass 2 seperate etnries considering both as 2 different contracts

visit capraveenmr.wordpress.com for updates


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register